SOURCE: Rambler Metals & Mining Plc

November 17, 2014 02:00 ET

Rambler and Maritime Agree to Evaluate the Viability of Restarting the Past Producing Hammerdown Gold Mine

BAIE VERTE, NL--(Marketwired - Nov 17, 2014) - Rambler Metals and Mining plc (TSX VENTURE: RAB) (LSE: RMM)

Rambler and Maritime Agree to Evaluate the Viability of Restarting the
Past Producing Hammerdown Gold Mine

London, England & Baie Verte, Newfoundland and Labrador, Canada - Rambler Metals and Mining plc (TSXV: RAB, AIM: RMM) ('Rambler' or the 'Company') today announces that it has entered into a Letter of Intent ('LOI') with Maritime Resources Corp. (TSXV: MAE) ('Maritime') which includes evaluating the economic potential of re-opening the past producing Hammerdown gold mine located within Maritime's Green Bay Property, Newfoundland and Labrador, Canada.

The Hammerdown mine was in production from 2000 until 2004 with grades averaging approximately 16 grammes of gold per tonne and average recoveries in excess of 97 per cent.

As per the LOI Rambler will oversee engineering and evaluation work, funded by Maritime, to determine the mineable ounces available at Hammerdown. The work will be initiated following the successful completion of an equity financing by Maritime and after negotiating a mutually agreeable Engineering and Evaluation Service Agreement.

Following a positive economic analysis, should both companies agree to proceed with the development of the project, they will negotiate and enter into mutually agreeable Management Services and Toll Milling agreements that will see Rambler manage the process of re-opening the Hammerdown mine.

Further to defining the role of each party throughout the process, the LOI also includes a number of strategic options for the development of the property including possible dividend structures. Until the economics are known, no commitments will be made on these items however, both groups feel that it was important to demonstrate that it is being discussed at a high level to ensure appropriate return of shareholder value during the development and production of the Hammerdown asset.


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Contact Information

  • For further information, please contact:

    Norman Williams, CA
    President and CEO
    Rambler Metals & Mining Plc
    Tel No: 709-800-1929
    Fax No: 709-800-1921

    Peter Mercer
    Corporate Secretary
    Rambler Metals & Mining Plc
    Tel No: +44 (0) 20 8652-2700
    Fax No: +44 (0) 20 8652-2719

    Stewart Dickson / Jeremy Stephenson
    Cantor Fitzgerald Europe
    Tel No: +44 (0) 20 7894 7000

    Tim Blythe/ Camilla Horsfall
    Tel No: +44 (0) 20 7138 3204